Compliance is just one reason more collection departments and agencies are looking to reduce operational risk. They’re applying analytics and optimization to ensure they’re making the right decisions and taking the most appropriate action for each debtor. This brief explains the expanded regulatory powers confronting the industry, and provides a “Compliance Checklist” you can use to evaluate and improve your compliance readiness.
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From customer attitudes about debt and delinquency to the proliferation of mobile and social communication, the collections environment is undergoing profound change. In this shifting landscape, collectors who succeed will be those who understand change and embrace it. Read how to make the most effective use of people and resources in this changing landscape.
Complying with the myriad requirements presented by the ever changing regulatory, legislative and legal environment is the number one concern of all ARM industry members.
It’s the CFPB’s number one concern, too.
Taking stock of one’s CFPB Readiness is therefore crucial for agencies large and small and specifically for those who meet the definition of Larger Market Participant (more than $10 million in annual receipts); provide services to Larger Market Participants in the ARM industry; choose to operate as a Larger Market Participant; seek to identify and understand their compliance deficiencies and engage in continuous improvement; seek to foster a culture of compliance.
In an economic climate that can be described as post-recessionary yet in sluggish recovery, the accounts receivable management industry faces unprecedented challenges Regardless of payment medium, or collections market niche, the name of the game for ARM organizations remains the same: collect outstanding debt as efficiently and cost-effectively as possible while playing by the rules. […]
While changes in the ARM operational environment often manifest in the back office environment, new pressures on debt collection agencies are forcing a shift in the actual physical layout of the collection floor.
With dialers, you have two options: (1) Premised, where you purchase a solution that’s off-the-shelf, requires an army of IT guys, and has very little room for error (“Did I assume the correct number of lines/ports? What happens if I didn’t? How much more will that cost me?”); and (2) Hosted, which grants an agency […]
Higher contact rates – it’s the stat every collections operation strives for. More contacts means more promises. And more promises means more revenue. So it’s no surprise agencies, healthcare offices, asset purchasers, law firms, and every other collections operation under the sun are investing in technology that they hope will dial more lines and waste less time on the floor.
But performance matters to — and Ontario Systems will show you how to get there.
We’re all familiar with the constant challenge: being able to maximize payments while staying compliant and up to date with new rules and regulations. A solution? Speech analytics, which can help ease this challenge by analyzing every agent contact – either during or after the call – to eliminate compliance risk, improve agent performance, and […]
It is the responsibility of a company’s leaders to set the tone for the entire organization. Monarch Recovery Management’s ownership and executive team is the reason it is a Next Generation Collection Agency. Hear from four leaders of Monarch as to how and why their agency is part of the Next Generation leading the industry.
Despite the tumultuous trends unfolding in the United States due to a presidential election, pending fiscal cliff and uncertain economic future, the outsourced business services (OBS) sector experienced a rather robust M&A market in 2012. In fact, it could be described as explosive compared to 2011.